Negotiate collection account???????

Anonymous · ‎08-10-2007

My sister in law received a call from a collection agency for me. I believe I know what its in reference to because it recently showed up on my credit report. My question is: can I negotiate a settlement amount and also ask that this account be deleted from my credit report? What would be the best thing for me to do in this situation when I call them back.

fused · ‎08-10-2007

chinadoll22 wrote:

My sister in law received a call from a collection agency for me. I believe I know what its in reference to because it recently showed up on my credit report. My question is: can I negotiate a settlement amount and also ask that this account be deleted from my credit report? What would be the best thing for me to do in this situation when I call them back.

Yes, you can negotiate a PFD (pay for delete) with the CA. Keep in mind your scores will not improve simply by paying this collection, it must be deleted. If the CA agrees to delete, make sure you have on their letterhead. GL. The link below should help.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2659

Anonymous · ‎08-10-2007

Thanks so much for your help. Should I even attempt to call them back or handle everything in writing?

fused · ‎08-10-2007

chinadoll22 wrote:

Thanks so much for your help. Should I even attempt to call them back or handle everything in writing?

You can call them ask if they will agree to a PFD, make an offer of 40-50% of the balance. They might agree, ask for more, ask for the full amount or say NO! If they say no wait and try again. If they demand more than your offering, ACCEPT IT! The key here is deletion, so if costs a bit more, pay it. If they verbally agree, make sure they put in on their letterhead before you pay one cent. Also before you pay, post the CAs letter at this forum and we will give you feedback. GL